Startup of the Week: Image Analysis

Image Analysis uses cloud-based software and complex algorithms to analyse MRI data far more objectively than any one clinician can. Still in her 20s, founder Olga Kubassova realised while studying for her PhD in computer science that her research could be game changing, and soon after started the company. She has built it with one goal in mind -- to help doctors and clinical researchers make use of the best imaging technologies, to deliver the best care to patients. Her system can help develop biomarkers used to assess how a patient will respond to treatment for inflammatory arthritis and inflammatory cancers at the very early stages.

Founder: Olga Kubassova

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HQ: London

Launch: 2008, becoming operational in 2009

Staff: 11 full time and 15 part time

Funding: Founder-funded, about to secure angel investment

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What is your USP? Image Analysis is the only company that has a dedicated cloud-based software platform, Dynamika, for objective quantification of MRI data, which has been academically validated and clinically accepted.

The software is used in major clinics and powers global clinical trials helping to extract useful quantitative information from MRI data. That data is used to create "imaging biomarkers" that help assess how a patient will react to treatment.

What problem do you solve?

When there is a need to quantitatively measure the impact of treatment on patient condition, sensitive images such as MRI or dynamic contrast MRI are taken before and after the treatment. In cancer studies, to measure tumour growth; in rheumatology studies, to measure the volume of inflammation; in neurology, the size of lesions, etc. Very often this analysis is done by eye and the results are subjective and highly depend on the reader's experience. We deliver a standardised computer-aided analysis, which produces objective and repeatable results. This helps to conduct objective and very accurate assessment of treatment effect.

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Such judgement is crucial to ensure the success of treatment and correct diagnosis. At Image Analysis we have an expert team, which also delivers a service to help utilise MRIs in clinical trials more efficiently. This includes -- training imaging specialists in image acquisition, designing imaging protocols, ensuring high quality of data, etc.

How do you make money?

We charge on an image-by-image basis or annual licence, which gives choice to the customer.

Who do you view as your competitors?

We don't have competitors who would specialise in MRI as much as we do. There are companies that conduct clinical trials, but MRI requires dedicated expertise and dedicated computer aided algorithms for processing, so we always end up being subcontracted for such analysis. We prefer to work collaboratively rather then compete, as the overall objective for all of us is to deliver better care to patients with debilitating conditions such as rheumatoid arthritis and cancer

What kind of successes have medical trials/treatments had with your software, that they might not have otherwise?

Using our system and service, it is possible to see the earliest changes in patient condition, which are not possible to see with human eye. This gives a very strong competitive advantage to clinical trials. Also, if no changes are visible, then the decision to stop the trial can be made earlier, thus saving money

Where did you get the idea for the business?

I was working with radiologists and treating clinicians during my PhD, when I realised there is a real need for better tools in clinical practice and research. With their encouragement and support I started the business

What's the biggest misconception about your business?

That X-ray (which is another type of imaging) can deliver the same answers as MRI. Just to explain this quickly - X-ray is an imaging modality which shows late manifestations of the disease such as erosion in rheumatoid arthritis or tumours at late stages. MRI, especially done with contrasts (AKA Dynamic Contrast Enhanced MRI) shows the earliest changes related to inflammation. To see the change with X-ray you have to wait for at least six to 12 months, with MRI you can see the change in weeks. But X-ray is cheaper and people are more familiar with it, so often they think that if they do enough X-rays they will see the same as with MRI, which is not true and ultimately delays the results of the trials or diagnosis.

What pushed you to stop talking about launching a startup to actually doing it?

If I don't do it, no one will.

How has the business developed?

We have been doubling our revenue each year and growing significantly in terms of people. In the last year we moved to London from Leeds to be closer to our clients and opened US operations.

What has been the most challenging time for the company?

Every year brings a new challenge. Currently we are setting up collaborations with larger companies, which is always a challenge.

We are looking to close partnership agreements with over ten companies this year alone.

How did you overcome that?

We have fantastic team and work 24/7 :)

Do you have any advice for dealing with potential investors?

Make sure that they are on the same page. I was always hesitant to take someone else's money because when it is yours you are fully in charge. As a CEO one of your responsibilities is to multiply the investment and deliver the business plan... Sometimes you have to morph the business into something else or make amendments to the plan or define a completely new strategy. If the investors understand and support you, the business will flourish. I am very lucky to have all my investors deeply involved and the majority of them form the company's board, so decisions are made fast and implemented very efficiently.

What is the best piece of advice anyone has ever given you?

Dream big. This was given to me by one of my mentors -- Linda Pollard, OBE who is a fantastic entrepreneur herself. Once you start the business, people are trying to box it and always ask you to define what the next five minutes are going to look like. I don't think this is how an entrepreneurial mind works. We started this because we want to change the world. So I was coming out of one of those meetings when I had to scale down my ambitions to explain to people what we are doing. As we walked out, she said, "dream big, don't let anyone to make you forget why you are doing this business". It really helps to always know why you are doing it and what you are doing, especially when you are facing daily challenges. There is always a big dream, which will hopefully materialise!

Which businessperson do you most admire and why?

Margaret Thatcher for being brave, persistent, visionary; Steve Jobs for being able to apply his genius again and again in whatever industry or company.

What is your biggest barrier to future success?

The ability to capture the market with a small team, but we are overcoming this through collaborations with major players.

Where do you see your company in ten years?

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Global leader in MRI analysis.

Which area of imaging do you think is still ripe for disruption now?

Definitely MRI is right market, but potentially MRI- PET [a mix of MRI and Positron emission tomography, a functional imaging technique that produces 3D images of functional processes in the body]. But this will need to be studied further as this is a very expensive imaging modality to implement routinely.